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August alone has seen a number of Web3 startups securing big checks. PIP Labs, for instance, raised $80 million for its Story Protocol, hitting a $2.25 billion valuation in its Series B round. Backers of the layer-1 blockchain designed for managing intellectual property include a16z Crypto and Polychain Capital.
The month also saw Andrena securing $18 million to offer decentralized wireless internet and Gameplay Galaxy receiving $24 million in funds for its blockchain-based game. Investors were also looking to pour millions of dollars into the Telegram-based game Hamster Kombat, but the developers reportedly declined the offer to focus on its community needs.
The ecosystem has also welcomed new funds targeting Web3 startups. Parafi Capital, for instance, secured $120 million for a new crypto fund just a day after Lemniscap raised $70 million to invest in the space. In addition, Open Network Ventures launched a $40 million fund to support early-stage crypto projects within the TON ecosystem.
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